Commenting on Chancellor Philip Hammond’s speech, Adam Marshall, Acting Director General of the British Chambers of Commerce, said:

“As the UK negotiates its exit from the European Union, Philip Hammond is right to reaffirm the need to boost infrastructure, business investment, and to raise productivity, while being mindful of reducing the deficit. However, there were no substantive details on these, and UK businesses will eagerly await further details in the Autumn Statement.

“Guaranteeing the monies for new bidders seeking EU funding is a positive move, that will ensure regions and localities will continue to benefit. The new housing package will also work to boost local business confidence, provided that firms see diggers in the ground. Increased house-building is near the top of our requests from the Chancellor at the Autumn Statement, so it is reassuring that the government is looking at this ‘quick-win’ for infrastructure development.

“The Chancellor’s mission must be to reduce uncertainty and build business confidence. He made an important start on both today, but must now give the green light to major infrastructure projects and set out other measures to boost business investment over the coming weeks. Unambiguous commitments to runways, roads and railways need to follow today’s commitment on house building – as these will crowd in investment by companies of all sizes, all across the UK.”